Shanti Gold International Reports Q2 Revenue of ₹750 Crore Versus ₹430 Crore YoY

Market snapshot: Shanti Gold International announced its Q2 top-line performance, registering revenue of ₹750 crore compared to ₹430.08 crore in the corresponding prior-year period. The results mark a strong continuation of volume expansion for the B2B gold jewelry manufacturer.

Data Snapshot

• Q2 revenue stood at ₹750 crore compared to ₹430.08 crore in the corresponding quarter of the previous fiscal year.
• Q1 FY27 revenue from operations reached ₹716.38 crore, reflecting a 144.69% YoY increase from ₹292.78 crore.
• Q1 FY27 profit after tax reached ₹50.48 crore, up 46.94% YoY from ₹34.36 crore.

What's Changed

• Revenue expanded to ₹750 crore in Q2 from ₹430.08 crore in Q2 of the prior fiscal year, representing growth of ≈74.39% YoY (derived: ₹750 crore vs ₹430.08 crore).
• Sequential revenue increased from ₹716.38 crore recorded in Q1 FY27.

Key Takeaways

• Shanti Gold International delivered Q2 revenue of ₹750 crore, accelerating year-on-year growth over ₹430.08 crore.
• Sequential top-line gains build on Q1 FY27 revenue of ₹716.38 crore.
• Volume momentum remains supported by outsourcing demand from large organized retail chains.

SAHI Perspective

Shanti Gold International's Q2 top-line surge to ₹750 crore confirms sustained operational momentum in organized B2B jewelry manufacturing. The expansion builds on Q1 FY27 revenue of ₹716.38 crore, highlighting consistent volume absorption by major retail clients.

Market Implications

Strong revenue performance underscores robust festive season inventory stocking across retail networks. Continued top-line scale supports operating efficiency, though ongoing working capital allocation remains critical for sustaining growth.

Trading Signals

Market Bias: Bullish

Top-line expansion to ₹750 crore in Q2 demonstrates strong operational scale compared to ₹430.08 crore in the prior period, building on sequential growth from Q1 FY27.

Overweight: Gems & Jewellery, B2B Retail Supply

Trigger Factors:

• Management commentary during the Q2 & H1 FY27 earnings call on November 04, 2026
• EBITDA margin stability and working capital requirement trends in H2 FY27

Time Horizon: Near-term (0-3 months)

Industry Context

Indian B2B jewelry manufacturing continues to benefit from structural shifts as major organized retailers outsource design and casting production to specialized large-scale manufacturers to ensure consistency and speed to market.

Key Risks to Watch

• Volatile international gold bullion prices impacting raw material costs and short-term working capital needs
• Potential margin pressure if higher volume growth shifts product mix toward lower-realization categories

Recent Developments

On October 29, 2026, Shanti Gold International announced an investor earnings call scheduled for November 04, 2026, to discuss its Q2 and H1 FY27 financial performance. Earlier in August 2026, the company reported Q1 FY27 revenue of ₹716.38 crore and profit after tax of ₹50.48 crore.

Closing Insight

Shanti Gold International's top-line trajectory underlines the commercial advantage held by specialized B2B jewelry manufacturers amidst expanding organized retail demand.

High Performance Trading with SAHI.